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Business News/ Market / Stock-market-news/  Rupee closes at one-month high against US dollar
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Rupee closes at one-month high against US dollar

The rupee closed at 67.95 a dollara level last seen on 30 December 2016, up 0.13% from Friday's close of 68.0

The rupee opened at 68.05 a dollar and touched a high and a low of 67.91 and 68.09, respectively, on Monday. Photo: MintPremium
The rupee opened at 68.05 a dollar and touched a high and a low of 67.91 and 68.09, respectively, on Monday. Photo: Mint

Mumbai: The Indian rupee on Monday closed at a one month high against the US dollar, after foreign institutional investors continued to buy in local equity markets. This was the fourth consecutive sessions when the rupee closed stronger.

The home currency closed at 67.95 a dollar—a level last seen on 30 December 2016, up 0.13% from Friday’s close of 68.04. The rupee opened at 68.05 a dollar. The rupee opened at 68.05 a dollar and touched a high and a low of 67.91 and 68.09 respectively. So far this year, it has fallen 0.1%.

FIIs bought nearly $343.22 million in equity over the last eight trading sessions and have been buyers on all but one trading sessions over this period.

All eyes will be on the key events of economic survey which will be announced on 31 January and federal budget on 1 February. Analyst expects that ahead of the Uttar Pradesh election the government may present politically and economically balanced budget by sticking to its fiscal consolidation path.

India’s benchmark Sensex index closed at 27,849.56 points, down 0.12% or 32.90 from its previous close. So far this year, it has gained 4.7%.

The 10-year bond yield closed at 6.406% compared to Friday’s close of 6.402%. Bond yields and prices move in opposite directions.

So far this year, foreign institutional investors have sold $181 million and $450.70 million in equity and debt, respectively.

Gains in the Asian currencies after Donald Trump’s order to halt some immigration compounded investor concerns about protectionist US policies, also supported the rupee.

Trump’s executive order halting immigration from seven predominantly Muslim nations has drawn criticism from governments, while raising fears that his focus on protectionism will detract from his economic agenda.

Singapore dollar was up 0.42%, Japanese yen 0.38%, Philippines peso 0.08%, Indonesian rupiah 0.08%. However, South Korean won was down 0.42%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 100.55, up 0.02% from its previous close of 100.53.

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Published: 30 Jan 2017, 09:20 AM IST
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